（文章来源：每日经济新闻） 中国平安坚定践行"金融为民"初心，持续深化"综合金融+医疗养老"双轮战略，通过"金融+服务"模式创 新，积极推进AI服务入口、全球急难救援、全周期"四到"医疗养老等服务升级创新，不断突破传统金 融、医养服务"时间、空间、成本、效率"限制，优化金融、医疗、养老资源配置，助力综合金融、医疗 养老实现从"小众低频服务"到"大众普惠服务"的跃迁。未来公司将进一步贯彻落实党的二十届四中全会 精神，创新发展模式，提升养老金融服务的可得性、便利性，让优质的养老金融服务走进更多百姓家 庭，助力"十五五"期间养老金融可持续发展。 ...

2025年12月以来，保险板块走出一轮强劲行情，最高单月涨幅达20%，板块热度一度达到近年高点。然 而，2026年开年以来，保险股却出现显著回调，市场情绪随之转向谨慎。 对于这一轮调整，中信证券在最新研报中给出了明确判断：近期保险股下跌主要受"AI叙事"引发的情绪 担忧影响，体现在对利率判断和保险公司商业模式可持续性两个方面的质疑。但研报旗帜鲜明地指 出，"AI叙事夸大了潜在负面影响，板块机遇大于挑战，维持保险行业处于重大机遇期的判断。" 作为保险板块的龙头，中国平安的股价走势与板块整体保持一致——2025年末一度突破70元，创下近四 年新高，但2026年开年以来同样进入震荡回调通道。尽管目前股价有所企稳，但市场对其长期价值的认 知分歧已然浮现。 作为投资者，不得不思考一个深层的问题：中国平安的价值锚点究竟是什么？ 平安创始人马明哲曾有一句经典论断："金融是平安的现在时，医疗是平安的未来时。" 如今，这个"未 来时"正在加速到来——从居家养老覆盖85城、服务近21万客户，到北大医疗体系的深度整合，"综合金 融+医疗养老"的蓝图正一步步落地为实。然而，资本市场的目光似乎仍仅仅停留在"现在时"。 国泰海通的研报更 ...

"产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 投资要点： 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

投资要点： "产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

Core Viewpoint - In 2025, Ping An Life Insurance aims for high-quality development through a dual-driven strategy of "comprehensive finance + medical care and elderly care," enhancing operational efficiency and expanding insurance value while fulfilling social responsibilities and improving customer experience through AI technology [1] Group 1: High-Quality Development - The company emphasizes high-quality development by implementing the spirit of the 20th National Congress, conducting over 7,559 meetings and 1,384 educational activities to strengthen party organization and leadership [2] - Ping An Life Insurance's "4 channels + 3 products" strategy has significantly improved business quality, contributing to economic stability and quality enhancement [2] Group 2: Individual Insurance Channel Reform - The company has established a "four-in-one" system to support the transformation of its agent workforce, focusing on professional insurance products and services [3] - The upgraded basic law encourages agents to enhance productivity and organizational efficiency, while training programs are designed to improve agent skills [3] Group 3: Insurance + Service Upgrade - The "Tianping An" insurance + service solution was launched, offering a range of products and services that cater to customer needs in health and elderly care [4] - New services include traditional Chinese medicine health management and home care services, addressing the core needs of the elderly population [4] Group 4: Customer Rights System - The "Enjoy Ping An" customer rights system provides over 100 value-added services across four areas: sports, education, cultural life, and health management, serving over 12 million customers [6] - The system has received multiple awards for its service quality, reflecting market recognition [6] Group 5: Product Innovation - The company has introduced various dividend and medical insurance products to meet the growing demand for insurance and wealth management [7] - New products are designed to address customer needs in a low-interest-rate environment, enhancing the overall customer experience [7] Group 6: Channel Innovation - Ping An Life Insurance has deepened its multi-channel construction, with the bancassurance channel showing a 170.9% year-on-year growth in new business value [8] - Community financial services are also expanding, contributing to 35.1% of the new business value [8] Group 7: Financial Consumer Protection - The company prioritizes consumer rights protection, launching emergency plans for disaster recovery and enhancing financial education outreach to over 1 billion people [9] - Efforts to combat illegal insurance practices have led to significant legal actions against fraudulent activities [9] Group 8: Embracing Technological Change - The company has adopted advanced AI technologies to enhance business operations, including sales, training, and claims processing [10] - The implementation of the DeepSeek intelligent platform has improved service efficiency and customer experience [10] Group 9: Long-Term Investment - Ping An Life Insurance promotes the "long money, long investment" concept, directing insurance funds into capital markets and supporting the real economy [11] - The company has launched a 30 billion yuan private equity fund focused on long-term and value investments [11] Group 10: Social Responsibility - The company engages in various public welfare activities, including educational programs and community support initiatives, benefiting thousands of individuals [12] - Efforts in rural revitalization have included financial assistance and support for local projects, demonstrating a commitment to social responsibility [12]

Core Viewpoint - In 2025, the insurance industry continues to enhance its political and people-oriented financial work, responding to societal expectations for risk protection while achieving high-quality development through a dual-driven strategy of "comprehensive finance + medical care and elderly care" [1] Group 1: High-Quality Development - The company actively implements the spirit of the 20th Central Committee, holding 7,559 meetings and 1,384 educational activities to promote high-quality development [2] - The company aims to leverage party organization to drive strategic initiatives and improve operational management, contributing to economic stability and quality enhancement [2] Group 2: Individual Insurance Channel Reform - The company has established a "four-in-one" system to support the transformation of its agent workforce, focusing on professional insurance products and services [3] - The upgraded basic law encourages agents to enhance productivity and promotes organizational efficiency [3] Group 3: Insurance + Service Upgrade - The company launched the "Add Peace" insurance + service solution, including various health and elderly care services, to meet evolving customer needs [4] - New services include traditional Chinese medicine health management and home elderly care, enhancing customer support [4] Group 4: Customer Rights System - The company introduced the "Enjoy Peace" customer rights system, offering over 100 value-added services across sports, education, culture, and health management [6] - The system has served over 12 million customers, receiving multiple awards for service quality [6] Group 5: Product Innovation - The company has launched a series of dividend and medical insurance products to meet diverse customer needs in a low-interest-rate environment [7] - New medical insurance products feature high coverage and innovative design to address various medical scenarios [7] Group 6: Channel Innovation - The company has deepened its multi-channel strategy, with significant growth in the bancassurance channel, which saw a 170.9% increase in new business value [8] - Community financial services are also expanding, contributing to the overall growth of new business value [8] Group 7: Financial Consumer Protection - The company prioritizes consumer rights protection, launching emergency plans for major disasters and enhancing financial education outreach to over 1 billion people [9] - Efforts include combating illegal insurance practices and maintaining market order [9] Group 8: Embracing Technological Change - The company has adopted advanced AI technologies to enhance business operations, including sales, training, and claims processing [10] - The implementation of the DeepSeek platform has improved efficiency and customer experience [10] Group 9: Long-Term Investment - The company promotes the "long money long investment" concept, directing insurance funds into capital markets and supporting high-quality economic development [11] - A targeted issuance of 30 billion yuan in private equity funds focuses on long-term and value investments [11] Group 10: Social Responsibility - The company engages in various public welfare activities, including educational programs and community support, benefiting thousands of individuals [12] - Initiatives include rural revitalization efforts and financial support for community projects [12]

Group 1 - Ping An Group's strategic cooperation with large public hospitals aims to address the challenges of "difficult and expensive medical care" by integrating commercial insurance into the healthcare system, complementing public health insurance [1] - The three-way win model proposed by Ping An involves patients benefiting from better treatment options and financial support, hospitals gaining increased patient inflow and stable funding, and Ping An enhancing its brand value and customer loyalty through deeper involvement in healthcare [1] - The launch of partnerships with China Pharmaceutical University and nearly 40 top-tier public hospitals marks a significant milestone in Ping An's strategy to strengthen its medical insurance collaboration and expand quality healthcare resources [2] Group 2 - Ping An Health Insurance plans to leverage its resources to deepen cooperation with large public hospitals, focusing on innovative products like disease-specific insurance and long-term care insurance to meet diverse customer needs [3] - The "Health Management" model promoted by Peking University Health emphasizes a shift from treatment-centered to health-centered approaches, integrating insurance and healthcare to provide comprehensive health management services [4] - The collaboration aims to reduce insurance claim costs while offering proactive health management services, thus enhancing the long-term health value for customers [4]

Core Viewpoint - Ping An Life Insurance's Shanxi branch was fined 330,000 yuan for failing to fulfill its insurance contract obligations, contrasting sharply with the company's strong performance reported during the same period [2][15]. Financial Performance - In the first half of 2025, Ping An Group achieved a net operating profit of 77.732 billion yuan, a year-on-year increase of 3.7% [3][16]. - The growth trend continued into the third quarter, with net operating profit reaching 116.264 billion yuan, up 7.2% year-on-year [3][16]. - The life and health insurance segment was the main growth driver, with new business value increasing by 46.2% to 35.724 billion yuan in the first three quarters of 2025 [3][16]. Regulatory Focus - On December 31, 2024, the Shanxi Regulatory Bureau of the National Financial Supervision Administration imposed administrative penalties on Ping An Life Insurance's Shanxi branch for failing to fulfill insurance contract obligations and for preparing false financial and business materials [4][17]. Administrative Penalties - The Shanxi branch was ordered to correct its actions and fined 330,000 yuan, with the deputy general manager and other executives receiving warnings and fines for their roles in the violations [5][20]. Institutional Adjustments - In 2025, Ping An Life Insurance closed several branch offices, including the Zhongshan and Puyang branches, as part of a broader trend in the industry towards refined operations [8][22]. - By mid-July 2025, five other branch offices had completed the cancellation process, with a total of 1,028 branch offices closed nationwide in the first five months of 2025, reflecting a shift from rapid expansion to more careful management [22]. Industry Challenges - The insurance industry is facing changes in regulatory environments and market structures, with the latest "negative list" for life insurance products expanding to 103 items, emphasizing compliance in product design and pricing [10][23]. - The average commission level for the bancassurance channel has decreased by 30%, indicating a trend towards more refined cost management across the industry [10][23]. Strategic Layout - To address industry challenges, Ping An Life Insurance is implementing a "comprehensive finance + medical elderly care" strategy, with nearly 247 million personal customers as of June 2025, a 4.6% increase from the previous year [12][25]. - The company has expanded its home care services to 85 cities, with 210,000 customers qualifying for these services, and has initiated high-quality elderly care community projects in five cities [12][25]. - Technological applications are enhancing operational efficiency, with 818 million calls to the Ping An model in the first half of 2025, and AI technology being utilized in various operational areas [12][25].

Core Viewpoint - The capital market is witnessing a significant shift towards a concentrated focus on high-growth sectors, particularly those centered around AI computing power, as large funds pursue certainty in investment opportunities [1] Group 1: Fund Holdings and Market Trends - The latest public fund quarterly reports reveal a clear shift in holdings, indicating a consensus among large investors on certain high-growth sectors [1] - China Ping An (601318.SH/2318.HK) has emerged as a key focus for funds due to its low valuation, high dividend cash flow, and expectations of macroeconomic recovery [1] - In Q4 2025, China Ping An saw an increase in holdings by public funds, with a market value increase of 68 billion yuan, bringing total holdings to 168 billion yuan [2] Group 2: Performance and Market Reactions - On January 26, 2025, despite overall market pressure, China Ping An's A-shares and H-shares rose over 3%, reflecting strong market sentiment and alignment with public fund holdings [4] - The analysis of the quarterly reports serves as a critical starting point for understanding institutional allocation trends and predicting market style and structural changes for 2026 [6] Group 3: Value Discovery and Investment Logic - The insurance sector, led by China Ping An, has seen a systematic increase in holdings over the past year, marking a return to the core focus of institutional investors [8] - The market consensus has evolved from initial undervaluation to a recognition of the unique business model and long-term alpha capabilities of China Ping An [21] - The policy direction encouraging long-term capital into the market has provided dual benefits for the insurance sector, enhancing liquidity and valuation environments [22] Group 4: Strategic Positioning and Future Outlook - China Ping An's strategy of integrating financial services with healthcare and elderly care is positioned to capitalize on long-term societal trends, opening up significant market opportunities [24] - The company's focus on AI and advanced technologies is enhancing operational efficiency and solidifying its competitive advantages [25] - The sustained increase in public fund holdings reflects a premium on China Ping An's ability to generate stable long-term returns, transitioning its value perception from a rate-sensitive stock to a composite value asset [26]

北京商报讯（记者 胡永新）1月22日，第二届北大医疗集团开放日在北京、深圳两地同步举行，活动 以"一切为了患者—走进今天的北大医疗"为主题。 数据显示，2025年北大医疗门急诊人次突破320万，住院量同比增长13%，非医保收入增速达35%。同 时，"健-医-康"三大板块协同发展，健管中心非体检业务收入增长7%，北大国际医院床位使用率最高达 98%，北大康复医院床位使用率达到115%。同时，患者满意度持续提升，门诊患者满意度达90.32%， 住院患者满意度达95.34%，双双创下历史最佳纪录。 北大医疗集团党委书记、董事长朱友刚表示，北大医疗将积极响应国家政策，依托平安集团"综合金融 +医疗养老"生态协同优势，坚持"一切为了患者"的初心，用"北大品质"筑牢医疗根基，以"平安特色"激 活服务生态，持续夯实综合医疗基石、筑牢家庭健康防线、延续康复照护服务、打造AI数智引擎、深 化医险协同模式，进一步提供"省心、省时、又省钱"的优质医疗服务。 ...